Weekly Technical Outlook on Major - EUR/USD
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Last Update At 09 Dec 2019 00:07GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.1071
55 HR EMA
1.1079
Trend Hourly Chart
Near term down
Hourly Indicators
Rising fm o/s
13 HR RSI
33
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1140 - Nov 05 high
1.1115 - Last week's high (Wed)
1.1080 - Last Thur's European low (now res)
Support
1.1041 - Last Wed's low (Fri)
1.1004 - Last week's low (Mon)
1.0982 - Nov's low (29th)
EUR/USD - 1.1059.. Despite hitting a 6-week low of 1.0982 on the last trading day in Nov, the single currency met renewed buying at 1.1004 last Mon n rallied to as high as 1.1115 Wed on usd's weakness b4 retreating to 1.1041 Fri.
On the bigger picture, euro resumed its LT upmove fm 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018. Despite subsequent selloff to 1.1216 in Nov 2018, then to a fresh 28-month bottom at 1.0880 on 1st day in Oct, euro's strg rebound n rally abv Sep's 1.1109 top to 1.1179 in Oct suggests temporary low has been made. Having said that, subsequent weakness to a 6-week trough of 1.0982 last Fri signals correction has possibly ended n would head back to 1.0942, a daily close below there would yield weakness twd 1.0880. On the upside, only abv 1.1115 indicates pullback has ended n yields another rise to 1.1179, break would extend twd 1.1249 in later Jan/Feb 2020.
Today, Fri's break of 1.1066/68 sup to 1.1041 due to blowout U.S. jobs data suggests near term rise fm 1.0982 has made a top at 1.1115 as current price is below 21-hr n 55-hr emas suggesting downside bias remains but reckon 1.0004 would hold n bring rebound. Only abv 1.1115 would head to 1.1175/79 later.
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